That sounds very much like what we did in early 2012, good for you! We haven't regretted our decision. Especially as home prices begin to creep back up.
One caveat, we put too much money into the place (in part because our daughter and not some stranger is renting it) and if we could claw some of that back the investment would be better. Lessons learned for the next time. But all in all it has worked well for us, we rent to our daughter at a few hundred under what the market would bear, and we never have to worry about the tenant. Win-win.